When it comes to choosing an apartment to buy, financing is often a major determinant. However, assuming you have a very good income (so money isn’t a problem), would you rather purchase a large detached house with a view of the lake/ocean, or would you instead, choose to live on the top floor of a luxury condo apartment?
Pre-construction condos are genuine choices you have to weigh carefully so as to maximally enjoy the benefits of living in your own space, without any regrets. In deciding which property type you should buy, you need to ask yourself critical lifestyle questions – such as how much personal space you’d love to have, if you’d rather have a couple of neighbors or live in a house with the vastness of land space.
Ready to weigh the pros and cons of living in a detached house and living in a luxury condo apartment?
Living in a Detached House
Pros
Living in a detached house comes with land ownership and the freedom to do whatever you want with the said land, such as building an extra storage room in the backyard, nurturing a farm or garden where you get to plant whatever you want in the big yard, or even re-creating your swimming pool’s structure. You also get to enjoy breathtaking views of nature with minimal disturbances.
Cons
As beautiful as all of this sounds, there are a couple of significant hassles associated with owning such a large land mass. Are you prepared to manage all the maintenance work, such as the regular, thorough cleaning you’d have to do in your big house? Prepared for the possibility of coming across rodents and having to figure out how to completely eradicate them from your property?
Do not forget that you’d be owning this building- which means you’re in charge of everything that has to do with maintenance needs. So besides regular monthly mortgage costs, huge municipal property tax, and regular maintenance costs, you should expect some irregular costs. Every 10-15 years, you’d most likely be required to fix a very large roof or an expensive furnace; and because you own it, you cannot push the problem over to someone else. Hence, purchasing a detached house means you’ve come to terms with having to solve numerous challenges. Are you ready for the huge responsibilities associated with a life of immense freedom? If yes, a detached house might be your best bet.
Living in a Luxury Condominium Apartment
Pros
If you’re not down for the almost insane number of responsibilities you have to handle due to ownership of an enormous detached house, you might want to consider buying a luxury condominium apartment.
It isn’t your headache to take care of the pool or any other maintenance costs in your luxury condo, as there’s usually a pre-arranged agreement to handle that. This makes the condo one of the best options out there for people who don’t have as much time to handle and manage home maintenance costs, and who aren’t fazed by having to share some facilities with other condo owners.
One other amazing privilege condo owners have, is the nice view- even more breath-taking than almost all detached houses can offer. It comes as a bonus that if you purchase a condo in the right area, you get to live within working distance of your workplace. Getting this kind of deal with a big detached house is next to impossible.
Cons
Whilst this choice still affords you enough breathing space in your house, you might not have enough space to throw a lavish party. Condos are built on shared land areas, and as such other facilities like your pool might have to be shared with others.
Conclusion
One of the most important choices for most people, is the kind of house they decide to live in. As such, the process involved in making this decision shouldn’t be rushed; and if you finally decide to live in a condo apartment, it would be because you’ve weighed the pros against the cons and have come to the conclusion that a condo apartment would serve your needs beautifully.
Another way to see if you’re a fit for a luxury condo is by checking out local luxury condominium sellers in your area, or being updated with the rent trends in New York. This can be a great opportunity to ask questions about what you want to know about purchasing a condominium and maybe even help you find a perfect fit.
